Islamabad May 2 2024: Pakistan added six more government entities to active list of privatization in order to avoid annual losses and generate revenue.
The six new suggestions for the privatization list include Postal Life Insuarance Company Limited (PLICL), Zarai Taraqiati Bank Ltd., Utility Stores Corporation (USC), Jamshoro Power Company Limited (GENCO-I), Lakhra Power Generation Company Limited (GENCO-IV) and Hazara Electric Supply Company (HAZECO).
The 218th meeting of the Privatisation Commission Board, was held today under the chairmanship of the Federal Minister for Privatisation, Investment and Communication, Abdul Aleem Khan at the Privatisation Commission, Islamabad.
The Board gave approval for extension of the date for submission of interests for the divestment of Pakistan International Airlines Corporation Limited (PIACL). The Board also considered the recommendations of all the Ministries of the Federal Government for the Privatisation Programme (2024-29) and approved their submission to the Cabinet Committee on Privatisation (CCoP) with its observations. Approval was also given to the proposed amendments in PC (Hiring of Financial Adviser), Regulations, 2018.
The Board accorded approval for extension in the date for submission of interests on the request of interested parties. Ten entities have already shown their interest for the acquisition of PIACL shares. The invitation for expression of interest in acquiring the majority stakes in PIACL was advertised both locally and internationally on 2nd and 3rd April, 2024.
The Board considered the recommendations of all Federal Ministries for the Privatisation Programme 2024-29 and discussed in detail the various issues associated with the privatisation programme. A total of twentyone (21) entities have been recommended by the ministries for inclusion in the privatization list out of which 15 entities are already in the active list.
The board observed that the Ministries had described many SOEs as strategic and essential but the decision in this regard can only be taken by CCoSOE. The board directed that the Ministries shall place their recommendations before CCoSOE and the entities not deemed strategic or essential may then be placed on privatisation list.
The Board approved the proposed amendment in the PC (Hiring of Financial Adviser), Regulations, 2018, to enable the Privatisation Commission to prequalify financial advisors so that the time required for appointment of Financial Advisors for transactions can be reduced further.
